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EU May Delay First Counter-tariffs against US to Mid-April

FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium August 21, 2020. REUTERS/Yves Herman/File Photo
FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium August 21, 2020. REUTERS/Yves Herman/File Photo
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EU May Delay First Counter-tariffs against US to Mid-April

FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium August 21, 2020. REUTERS/Yves Herman/File Photo
FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium August 21, 2020. REUTERS/Yves Herman/File Photo

The European Union could delay imposition of a first set of counter-measures against the United States over President Donald Trump's steel and aluminium tariffs until mid-April, European Trade Commissioner Maros Sefcovic said on Thursday.

The European Commission had proposed re-imposing tariffs on 4.5 billion euros ($4.9 billion) of US products on April 1, followed by hitting a further 18 billion euros of US goods on April 13, Reuters said.

"We are now considering to align the timing of the two sets of EU counter-measures so we can consult with member states on both lists simultaneously, and this would also give us extra time for negotiations with our American partners," Sefcovic told a hearing at the European Parliament.

The first set of EU counter-measures includes applying a 50% tariff on US bourbon. Trump threatened to slap a 200% tariff on all wines and other alcoholic products coming from the EU if the bloc went ahead with this.

The Trump administration is also planning further tariffs on April 2.

French Prime Minister Francois Bayrou said on Sunday that the EU was probably mistaken in targeting American whiskey, while Italian Prime Minister Giorgia Meloni cautioned EU partners on Tuesday against escalating the trade dispute with the United States.

"I am not certain that responding to tariffs with more tariffs is necessarily a good deal," Meloni, who is close to Trump, said.

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Chinese President Xi Meets with Global CEOs as Investment Wanes 

China's President Xi Jinping (R) and Cai Qi, top ranking of Communist Party, applaud during a meeting with a group of foreign executives at the Great Hall of the People in Beijing on March 28, 2025. (AFP)
China's President Xi Jinping (R) and Cai Qi, top ranking of Communist Party, applaud during a meeting with a group of foreign executives at the Great Hall of the People in Beijing on March 28, 2025. (AFP)
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Chinese President Xi Meets with Global CEOs as Investment Wanes 

China's President Xi Jinping (R) and Cai Qi, top ranking of Communist Party, applaud during a meeting with a group of foreign executives at the Great Hall of the People in Beijing on March 28, 2025. (AFP)
China's President Xi Jinping (R) and Cai Qi, top ranking of Communist Party, applaud during a meeting with a group of foreign executives at the Great Hall of the People in Beijing on March 28, 2025. (AFP)

China's President Xi Jinping met with global CEOs in Beijing on Friday, as the government tries to woo foreign firms whose investment could give the ailing Chinese economy a boost and help insulate it against simmering geopolitical tensions.

Beijing has struggled to assuage foreign investors' concerns over the durability of the $18 trillion economy, while longstanding unease over China's tightening regulations, abrupt crackdowns on foreign firms, and an uneven playing field favoring state-owned companies clouds business sentiment.

"I would like to express my heartfelt thanks to all the foreign enterprises that have participated in and supported China's development," Xi told the business leaders, who included the bosses of AstraZeneca, FedEx, Saudi Aramco, and Standard Chartered.

"Foreign enterprises contribute one-third of China's imports and exports, one-quarter of industrial added value and one-seventh of tax revenue, creating more than 30 million jobs," Xi added.

Around 40 executives joined the meeting, said two sources with direct knowledge of its planning. The majority of which represented the pharmaceuticals sector, one source said.

The frequency of meetings between foreign executives and high-level Chinese officials has picked up over the past month, after official data showed foreign direct investment plummeted 27.1% year-on-year in local currency terms in 2024.

That marked the biggest drop in FDI since the 2008 global financial crisis.

"Transnational corporations play an important role in safeguarding the world economic order," Xi said, while encouraging the companies in attendance to "raise their voices of reason and take pragmatic actions" to this end.

The meeting followed last weekend's China Development Forum (CDF), a flagship business event that this year saw Premier Li Qiang urge countries to open their markets and combat "rising instability and uncertainty".

Xi last year met with American business leaders after the annual business forum, an assignment previously delegated to the Premier, the top leader's second in command.

"I wonder if there is a precedent now, and they will do this annually," said one of the sources, who was involved in the meeting's planning.

China's leader has taken it upon himself in recent months to reassure and energize businesses both foreign and domestic.

Last month Xi held a rare pro-business meeting with some of the biggest names in China's technology sector, including Alibaba's Jack Ma, urging the entrepreneurs to "show their talent" and be confident in the power of China's model and market.